Rolling coverage of the latest economic and financial news, as one of Europe’s top budget airlines unveils major task slashes due to the coronavirus outbreak
9.17 am BST
The owner of the Daily Mail, the i and Metro said that its portfolio of names recognized publish ad revenues plunge by 70% in April and May as the coronavirus lockdown hammers the newspaper industry .
Daily Mail& General Trust, which also owns Mail Online and the Mail on Sunday, said that total revenues across its customer media separation went down a third in April.
9.03 am BST
More news from the travel sector this morning, this time from Stagecoach.
The bus and train operator has defined its earnings guidance for its first year to 2 May 2020 to between 12.5 p and 14.0 p.( We’ve asked for the previous counseling but are waiting for confirmation)
We see a lasting the consequences of the COVID-1 9 pandemic on trip motifs with an acceleration in the tendency of increased running from residence, shopping from home, telemedicine and dwelling education. We anticipate that it will be some time before demand for our public transport services returns to pre-COVID tiers and we are planning for a number of scenarios.
8.35 am BST
On top of job slashes, EasyJet intends to reduce costs by revising its contracts with airports and field cover, reassessing what it invests on upkeep, as well as renegotiating what it expends on marketing, my colleague Joanna Partridge writes.
The airline likewise gave a detailed description of brand-new onboard safety measures ahead of flights resuming on 15 June, including the mandatory wearing of face masks. The company’s fleet has been floored since 30 March.
8.19 am BST
EasyJet chief executive Johan Lundgren has been were talking to writers this morning to explain the rationale behind its Covid-1 9 strategy.
He said the budget airline has no plans to raise equity today, but will maintain that alternative on the table if needed.
We realise that these are very difficult times and we are having to consider very difficult decisions which will impact our people, but we want to protect as many chores as we can for the long-term.
We remain focused on doing what is right for the company and its long-term health and success, following the swift action we have taken over the last three months to meet the challenges of the virus. Although we will restart flying on 15 June, we expect demand to build slowly, only returning to 2019 levels in about three years’ time.
8.15 am BST
EasyJet is among the biggest risers on the FTSE 100, having started its present session around 4.2% higher before falling back to around 2.6%.
We’ll see whether investors will continue to buy in to the companies schemes throughout the session.
8.03 am BST
Investors in Europe are again shrugging off strains in Hong kong citizens, extending an upward run on stocks since Tuesday.
Here’s now major indices have opened 😛 TAGEND
7.59 am BST
Good morning and therefore welcomed our wheel coverage of the world economy, the financial markets, eurozone and business.
EasyJet has laid out fresh expenditure cutting strategies that will involve axing up to a third of its 15,000 -strong workforce in response to the Covid-1 9 crisis. EasyJet said its fleet will also involve 51 fewer aircraft than expected by year-end 2021.
Read more: theguardian.com